7 / 112
CEO’s report
This year’s focus was
progressing with the
development of one of the
Pacific’s largest known
nickel laterite deposits–
our flagship Isabel Nickel
Project in Solomon Islands.
From a standing start in late 2014 to
December 2015, we completed the first
two phases of drilling, and
achieved and
subsequently upgraded
a JORC Mineral
Resource estimate. These achievements
in such a short timeframe are a testament
to our 'can do' culture.
We announced our maiden JORC Mineral
Resource estimate in September 2015, and
upgraded it within three months. The total
Mineral Resource tonnage for high grade
saprolite almost doubled that of the maiden
Resource estimate, from 2.0 Mt @ 1.7 Ni
to 3.9 Mt @ 1.7% Ni, while the total Mineral
Resource tonnage for limonite increased
to 8.4 Mt @ 1.0% Ni and 0.11% Co.
We also made good progress on site
infrastructure development, recruitment and
training of a local workforce, baseline studies
and project approvals, and preparations
to commence exploration on the project’s
second tenement at south San Jorge
Island. We provided a large number of local
jobs, and continued our investment in local
community initiatives. We are also proud to
report that during the year we did not lose
a single day of work on site due to safety
or community issues, and we congratulate
our employees, the government and our
landowner partners for their role in this.
Driven by our values
Build Share Protect
, we
continued to maintain strong relationships
with key stakeholders including our
landowner partners in Solomon Islands,
whom I continue to admire for their tenacity
over these past four years while subject to
litigation. I also have been impressed with
their leadership and sense of community in
ensuring efficient development of the project.
Global economic conditions of 2015 created
challenging times for nickel producers and
mine developers, and Axiom has had the
added complication of continuing to wait for
the Court of Appeal decision on the Isabel
Nickel Project. But despite these factors,
Axiom continued to attract strong support
in our quest to build Solomon Islands’ first
nickel mine and become a significant miner
in the Pacific region. We are confident that
even under current conditions we will build
a profitable mine.
We welcomed the Solomon Islands
Government’s grant of the prospecting
licence for the Isabel Nickel Project’s
second tenement at south San Jorge in
early 2015. We also entered into a strategic
partnership with InCoR that will provide up to
$15 million and gives us access to innovative
beneficiation technology, and an offtake
agreement and finance facility with global
trading house Gunvor that provides up to
AU$5 million of ore pre-payment funding.
In 2016, Axiom’s focus will be on delivering
a mine, and this year is shaping up to be a
transformational one for our company.
On a final note, on behalf of myself and
all Axiom staff, I would like to thank and
congratulate Stephen Williams for his
support, guidance and leadership over the
past five years, which ensures we have a
strong platform for progress.
We are on track to deliver a safe, sustainable
and profitable mine. We remain optimistic
about the Court of Appeal decision. We
will also continue to invest in the local
communities and relationships in Solomon
Islands that we are privileged to be part of.
Ryan Mount
Chief Executive Officer
AXIOM MINING LIMITED
ANNUAL REPORT 2015
5